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Pepe coin (PEPE), which reached price levels as high as $0.0000037 at the beginning of May, has recently experienced a strong downward momentum, recording a loss of nearly 30% in the past month. Last week, Pepe coin also experienced double-digit losses, falling to $0.000001.
Crypto Market in Decline
Following the XRP decision in the Ripple case, which resulted in a brief period of strong growth in mid-July, the cryptocurrency market has once again gained downward momentum in recent weeks. The leading cryptocurrency Bitcoin (BTC) dropped to $29,000 after initiating a new decline from the $31,500 price level. The total market value of the crypto industry also retreated to $1.17 trillion, according to CoinMarketCap data.
Despite Bitcoin consolidating around the $29,000 price level in recent times, the cryptocurrency market has not slowed down in terms of Pepe coin’s losses, despite a more sideways trend and a decrease in market volatility.
Losses Approaching 30%
Pepe coin (PEPE) had risen to $0.0000037 price levels with the value increases it recorded at the beginning of May. However, many analysts at that time warned about the speculative price movements and the potential for larger-scale declines in cryptocurrencies with low market capitalization.
Indeed, after the decline, Pepe coin experienced a strong downward momentum and accelerated its value losses in recent weeks. With a loss of nearly 30% in the past month and an average drop of about 12% in the past week, Pepe coin fell to $0.000001. According to CoinMarketCap data, Pepe coin entered the top three cryptocurrencies with the highest percentage of value losses in both the past month and the past week among the top 100 cryptocurrencies with the highest market capitalization.
In addition, whale addresses, which hold large amounts of cryptocurrency assets and are referred to as “whales” in the crypto ecosystem, have started to sell various amounts of Pepe coin recently. Lookonchain reported on Twitter that an address sold more than 2 trillion Pepe coins worth over $2.5 million at current prices during the day.
